Detached home prices in Toronto rising by $550 per day

Want to earn $550 a day, literally from the comfort of your own home? All you need to do is buy a detached home in Toronto.

That’s according to Huffington Post Canada, who analyzed the latest report from the Toronto Real Estate Board (TREB) to calculate the stunning figure.

The data comes from a TREB home sales and price report released last week. The board reported that the sale price for a single-detached home hit $1,257,958 in April, up 18.9 per cent over the same time last year. Huffington Post Canada crunched the numbers to find that the price increase translates to growth of $16,820 per month. That’s $550 on a daily basis.

“Or put another way, every day you delay buying a house in Toronto will cost you another $550,” wrote Huffington Post’s Daniel Tencer.

Huffington Post also calculated the price growth for the city’s condo market, which saw the average sale price hit $436,545 in April, a 7 per cent increase over the previous year. That works out to $2,411 per month or $79.26 per day.

April was a record breaking month for Toronto home sales. The 12,085 sales in the Greater Toronto Area were the most ever recorded in the month of April, according to TREB.

In a statement, TREB’s market analysis director Jason Mercer indicated that he expects prices to continue to climb through the spring.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher,” he said.